Dubai developer Emaar Properties has agreed to fully acquire Dubai Creek Harbour from Dubai Holding for USD$2.04 billion. The amount will be paid equally in cash and shares of Emaar Properties, thus making Dubai Holding the second largest shareholder of Emaar, the entities said in a joint statement on 11 August 2022. The 50 percent payment in cash includes a deferred payment of USD $340 million payable in three equal installments. This will be arranged from available cash and banking facilities, Emaar said in a statement to the Dubai Financial Market, where its shares are traded.
Dubai Creek Harbour is a major development located along the emirate’s waterfront, and features 78.5 million square feet of residential space and is expected to house 200,000 people when completed. It currently has about 100 million square feet of future development which will provide future profit potential to Emaar.
Rothschild & Co is acting as sole adviser to Dubai Holding on the transaction, according to market sources. The deal is expected to close on 27 September 2022.
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